IFR International - 20.10.2018

LOANS EMEA

UniCredit Bank, KfW IPEX-Bank, MUFG and
Raiffeisen Bank International also participated.

TURKEY

ISBANK NETS US$968.8m REFI

ISBANKûHASûSIGNEDûAû53M
EQUIVALENTû

DAYûSYNDICATEDûLOAN
4HEûFACILITYûCOMPRISESûAûõMûTRANCHEû
ANDûAû53MûTRANCHEûPAYINGûALL
INûPRICINGû
OFûBPûOVERû%URIBORûANDûBPûOVERû,IBORû
respectively.
0ROCEEDSûWILLûBEûUSEDûFORûTRADEûlNANCEû
purposes.
4HEûLOANûRElNANCESûAû53BN
EQUIVALENTû

DAYûFACILITYûSIGNEDûINû3EPTEMBERû
4HATûFACILITYûCOMPRISEDûAû53Mû
TRANCHEûANDûAûõMûTRANCHEûPAYINGûALL
INû
PRICINGûOFûBPûOVERû,IBORûANDûBPûOVERû
Euribor, respectively, which was
COORDINATEDûBYû3TANDARDû#HARTERED
The bank was last in the market in May
WHENûITûSIGNEDûAû53BN
EQUIVALENTû
DAYûLOANûCOMPRISINGûAû53MûTRANCHEû
ANDûAûõMûTRANCHEûPAYINGûBPûOVERû
,IBORûANDûBPûOVERû%URIBORûRESPECTIVELY

TEB SIGNS DUAL CURRENCY TL

Mandated lead arrangers and bookrunners
BNP Paribas, Standard Chartered Bank, Emirates
NBD, UniCredit and MUFG have completed a
syndicated loan for TURK EKONOMI BANKASI.
4HEû
DAYûDEALûCOMPRISESûAûõMû
TRANCHEûANDûAû53MûTRANCHEûPAYINGûAû
MARGINûOFûBPûOVERû%URIBORûANDûBPû
over Libor, respectively. All-in pricing is
BPûOVERû%URIBORûANDûBPûOVERû,IBOR
Seventeen banks provided the deal,
WHICHûREPLACESû4%"SûEXISTINGûTERMûLOANûTHATû
MATUREDûONû3EPTEMBERû
Proceeds will be used by TEB for pre-
EXPORTûANDûEXPORTûTRADEûlNANCE
3TANDARDû#HARTEREDû"ANKûWASûSOLEû
coordinator of the transaction and Mizuho
Bank was the facility agent.

UAE

DP WORLD AMENDS US$2bn GREEN LOAN

Dubai port operator DP WORLD has repriced
and extended the maturity of a US$2bn
Green loan comprising conventional and
Islamic revolving credit facilities.
!ûTOTALûOFûûBANKSûPROVIDEDûTHEûFACILITYû
which was extended by two years and is
NOWûDUEûINû
Standard Chartered Bank coordinated the
transaction.
4HEûLOANûPRICINGûISûLINKEDûTOû$0û7ORLDSû
carbon emission intensity as a way to

incentivise the company to reduce its

greenhouse gas emissions.

UK

DRAX TAPS FOR POWER BUY

Low carbon and renewable power generator

DRAX GROUPûISûBACKINGûITSûaMûACQUISITIONû

of a UK power portfolio from Iberdrola with

AûFULLYûUNDERWRITTENûaMûBRIDGEûLOAN

4HEûBRIDGEûLOANûHASûANûINITIALû

MONTHû

MATURITYûFROMûlRSTûUTILISATIONûWITHûAûSEVEN

MONTHûEXTENSIONûOPTIONû4HEûlNANCINGûISû

PRICEDûBELOWû$RAXSûCURRENTûCOSTûOFûDEBT

The company will assess its long-term

lNANCINGûSTRATEGYûINûûBUTûEXPECTSûTOû

return to its long-term net debt to Ebitda

TARGETûOFûAROUNDûûTIMESûBYûTHEûENDûOFû

$RAXû&INCOû0LCûISûRATEDû""ûBYû30

4HEûACQUISITIONûINCLUDESû#RUACHANû

PUMPEDûSTORAGEûHYDROûûMEGAWATTS û

run-of-river hydro plants at Galloway and

,ANARKûûMEGAWATTS   ûFOURûCOMBINEDû

cycle gas turbine stations, including

$AMHEADû#REEKûûMEGAWATTS    û2YEû(OUSEû

ûMEGAWATTS  û3HOREHAMûûMEGAWATTS   û

ANDû"LACKBURNû-ILLûûMEGAWATTS    ûANDûAû

biomass-from-waste facility (Daldowie).

The acquisition is expected to complete

by the end of the year.

$RAXûRElNANCEDûITSûDEBTûINû-AYûû

THROUGHûAûaMûBONDûISSUEûAûREVISEDû

aMûREVOLVINGûCREDITûFACILITYûANDûANûaMû

indexed linked term loan arranged by

Barclays.

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ûPAYSûAûMARGINûOFûBPûOVERû

Libor.

Metinvest to return for

up to US$400m PXF

„ UKRAINE DTEK says no immediate refinancing required

Ukrainian metals and mining group METINVEST

is set to tap the market for a US$300m-$400m

four-year pre-export financing.

Metinvest had been discussing raising a

financing for the potential acquisition of Galati,

ArcelorMittal’s steel works in Romania, but

earlier this month it was announced that Liberty

Global was the preferred bidder.

ArcelorMittal, the world’s biggest steelmaker,

has had to put six European assets up for sale

to gain approval from European competition

authorities for its purchase of Italy’s giant Ilva plant.

“Metinvest was gearing up to do the PXF

before the Galati situation came along and now

they have lost out they are back on track for the

loan,” said one banker.

Metinvest did not reply to a request for

comment.

In April, Metinvest completed the refinancing

of US$2.3bn of debt that was put in place as

part of the company’s financial restructuring in

March 2017. The company issued US$1.592m

in bonds and signed a US$765m PXF, which

replaced US$1.2bn of notes and a US$1.1bn PXF

of restructured debt.

Deutsche Bank and ING were global

coordinators, together with Natixis and

UniCredit, which acted as joint bookrunners of

the bond refinancing and coordinating mandated

lead arrangers of the PXF deal.

In March 2017, Ukraine’s DONBASS FUEL ENERGY

CO HOLDING (DTEK) also agreed the restructuring

of around US$875m of its bank debt and

US$1.34bn of outstanding Eurobonds following

two years of negotiations.

Both borrowers suffered as the political

situation between Russia and the Ukraine

following Russia’s annexation of the Crimea

in March 2014 continued to take its toll on the

country’s economy.

DTEK has also looked at the possibility of

refinancing its restructured debt, but the process

is being held up by a group of distressed debt

investors that bought out an unsecured portion

of DTEK’s debt that did not form part of the final

2017 restructuring.

“The distressed investors are making life

difficult. They DTEK can’t refinance while this

unsecured tranche is still in place. The company

is putting forward proposals [to refinance]

but they have just been scuppered by these

investors,” the banker said.

In an emailed statement, DTEK said: “The

restructuring process of the residual bank debt is

ongoing as planned and we expect to complete

it shortly.”

The company also said it was closely

monitoring the various options available to

optimise its debt structure and cost of debt.

“We have successfully restructured our debt

portfolio in 2016 and now comfortable with

our debt structure and obligations. We are on

track of sustainable deleveraging regardless

of refinancing exercise and given currently

unfavourable emerging markets backdrop, we

do not see immediate refinancing economically

feasible or required.”

Sandrine Bradley